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Share this article Share this article IRVINE, Calif., March 16, 2021 /PRNewswire/ -- According to a Department of Justice press release, a tax professional from North Carolina that recently plead guilty to engaging in tax crimes was sentenced to serve more than four years in federal prison. This story should remind taxpayers that the potential consequences of engaging in criminal tax activity is severe and the fire started with a dirty preparer investigation & prosecution will burn straight to you. If you have failed to file a tax return for one or more years or have taken a position on a fil...

Corrupt government officials laundering money from state or federal funds The information gathered will be disclosed to law enforcement agencies, financial institutions, and other entities that have mandatory anti-money laundering obligations. The owner of a corporation or LLC will have to provide the following information to comply with the CTA: The name of the beneficial owner of the company The address of the beneficial owner The date of birth of the owner The driver's license or ID number of the owner Additionally, if there is a change in ownership of the corporation, this information ...

Share this article Share this article IRVINE, Calif., Jan. 13, 2021 /PRNewswire/ --  Previously, FinCen's and thus the Internal Revenue Service's (IRS) policy was to not consider foreign financial accounts that hold virtual currency as subject to foreign bank and financial account reporting (FBAR). After publicly reinforcing this unofficial policy more than once, FinCen recently signaled its intent to reverse its former policy on virtual currency. FinCen recently announced that it intends to propose amendments to the Bank Secrecy Act to include virtual currency as a type of reportable accou...

Share this article Share this article IRVINE, Calif., Dec. 16, 2020 /PRNewswire/ -- Unfortunately, some taxpayers may not fully appreciate the risks and potential penalties for failing to meet their tax return deadlines. You could be subject to expensive monetary fines or even be charged with a criminal offense. The statute of limitations for collecting a federal income tax refund is three years after the original filing date (four years for California). If a taxpayer fails to file their income tax return within these three years, the IRS will prevent the taxpayer from doing the following:...